The Cancer Biopsies Market is expected to grow with an estimated CAGR of 6.5%, over the forecast period.
COVID 19 has a great impact on the medical industry, especially on the cancer biopsies market. In this pandemic due to social distancing measures imposed by the governments, the use of healthcare services and visits to the hospital have drastically reduced, due to which the patients were only allowed /permitted in the case of an emergency. In addition to this according to the Nature Cancer journal, in 2020, the Centers for Medicare and Medicaid Services in the United States have classified screening as a low-priority service during this pandemic. Following this, other countries such as Scotland, Ireland had also suspended the cancer screening programs during COVID 19.
The rise in cancer diseases is also playing a key role in the cancer biopsies market’s growth. In 2018, according to International Agency for Research on Cancer (IARC), new cancer cases are expected to grow to 27.5 million and 16.3 million cancer deaths, globally, by 2040. In 2021, according to the National Cancer Institute (NCI) the estimated number of new bladder cancer cases were 83,730 whereas breast cancer cases were 284,200, colon and rectal cancer accounting to149,500 in United States. This indicates a potential elevation of cancer biopsies market in coming years.
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The technological advancements and product launches by some of the key players of the market are also attributed to the markets growth. For instance, in Feb 2020, to improve the precision medicine in breast cancer, Qiagen has launched Liquid Biopsy PIK3CA kit. Protein p110α which is made by PIK3CA gene, involved in growth and division of cell, mutation in this gene causes uncontrollable cell growth and division, that leads to cancer. This particular biopsy PIK3CA kit will help in guiding treatment decisions for the breast cancer patients. Hence, owing to above mentioned factors, the market is expected to witness significant growth in the future.
Key Market Trends
Biopsy Application in Breast Cancer Segment is Expected to Grow Over the Forecast Period
The breast cancer segment is expected to have a positive growth over the forecast period. The rising burden of breast cancer is a key factor driving the market. The World Health Organization stated that in 2020, women diagnosed with breast cancer were 2.3 million, and 685 000 deaths were reported globally. Women who were diagnosed with breast cancer in the past 5 years and are alive were 7.8 million globally.
In addition, a study was initiated in 2019 named ‘MRI-targeted Biopsy of the Prostate’ to evaluate the clinical significance of prostate cancer detection with MRI targeted biopsy. It is being studied specifically in prostate cancer and prostate neoplasm. Also, a study titled ‘Role of Ultrasound-Guided Lymph Node Biopsy in Axillary Staging of Breast Cancer’ which was initiated in 2018 was studying the role of Ultrasound-guided axillary lymph nodes FNAC and\or CNB in breast cancer. The above conditions show that the incidence of breast cancer disease and technological advancements in the cancer biopsies market in the breast cancer application segment is expected to have a promising growth rate for the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America holds the major market share in the Cancer Biopsies market. The rising incidence of cancer diseases, the rising elderly population, technological advancements are key factors attributed to the growth rate of the cancer biopsies market. National Cancer Institute estimated that 43% of all cancers diagnosed in men are lung, colorectal, and prostate cancers and the most common cancers in women are breast, lung, and colorectal which accounts for 50% of new cancers diagnosed in 2020 in the United States.
Foundation Medicine, Inc, an United States company based in Cambridge, Massachusetts which develops, manufactures, and sells genomic profiling assays based on next-generation sequencing technology for hematologic malignancies, solid tumors, and sarcomas, announced that the Food and Drug Administration (FDA) approved its FoundationOne CDx, in 2020, which is considered the first FDA-approved tissue-based broad companion diagnostic (CDx) that is validated for all solid tumors both clinically and analytically.
According to the American Cancer Society in 2020, 1,806,590 new cancer cases and 606,520 cancer deaths were estimated in the United States. With rising awareness on preventive care and early diagnosis especially with the technological development of liquid biopsies in recent time, the rate of cancer survivors has increased potentially. According to National Cancer Institute, it is estimated the cancer survivors were projected to increase to 22.2 million by 2030 from 16.9 million in 2019. Hence, considering above mentioned factors, the market is expected to witness significant growth in the future.
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